Bankruptcy Protection for Your Accounts

Topics:
Bankruptcy,
Retirement
Tags:
Bankruptcy,
Bankruptcy Protection,
Business Operations,
ERISA,
Government,
Litigation,
Payroll Solutions,
Regulations,
Retirement Plan
Source:
Investopedia

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Overview: Are a debtor's retirement plan assets exempt from the individual's bankruptcy estate? Until recently, the answer to this question depended on whether or not the retirement plan holding the assets was an ERISA or a non-ERISA retirement plan. For non-ERISA retirement plans, the level of protection was determined by the laws of the debtor's state of residence, while the protection for ERISA plans was based on federal law. Protection for non-ERISA plans became uniform when the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was signed into law on April 20, 2005. In this paper, one highlights the protection that now exists for both ERISA and non-ERISA plans.

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Format: HTML | Date: Jan 2006 | Pages: 3

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